22 Feb 20220222 Premarket Prep DAX
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This is my premarket prep for today’s European session for DAX. This prep builds off of my weekly trade plan I made here:
The purpose of a premarket prep is to find setups within my weekly trade plan bias
Larger Timeframe
- MN
- Possible developing MN Three Outside Down
- MN demand taken out
- W1
- Price nearly took out W1 demand
- Price is currently trading within last week’s body
- Price returned to W1 DBD 15182.33 indicating a possible continuation higher although this can take some time (possibly later in the week,if any due to MN narrative)
- Price instead took out W1 demand and is currently trading below last week’s body and range
Narrative
- D1
- D1 traded down closing near its low
- D1 QHi rejected, price trading mid swing
- Prev. Day Exceeded ADR by 2.64
- H4
- H4 Phase 4
- Price trading mid swing
- Trend
- Trend is Down 2/3
- Market Profile
- Values in DT with yesterday’s value being wider than normal
- LN Open
- 1.48xASR Below Value, Outside Range
- Huge Imbalance, possible momentum
- Open near ADR exhaustion
- Asia extended slightly higher, then failed auction traded lower
- 1.12xASR Wide IBR
Hypos
- Hypo 1
- Short
- Return to Value, possibly at LTF supply, Failed Auction, VAL reversal
- Hypo 2
- Short
- Weakness From Within IBR
- Hypo 3
- Long
- Strength From Within IBR
- Hypo 4
- Long
- Auction Fade
Clarity
- 4
Additional notes
- N.A.
Mindful Trading (lack of sleep?)
- Feeling okay
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- No early exits, either hit SL or target
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- Risk Management
- 2 consecutive days of lack of sleep = NO TRADING
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